Your Move, G-7

Currency traders are awaiting an emergency teleconference of G-7 ministersand central bankers later today, and the big question is whether they will act together to weaken the yen, or whether Japan will go it alone.

G7 to Tackle Yen's Surge

A meeting of G7 finance ministers tonight could determine the yen's surge against the euro and dollar. The currency already is threatening Japan's recovery, with Rebecca Patterson, JP Morgan Private Bank

Rebecca Patterson, global head of currencies and commodities at J.P. Morgan's private bank, is hoping for the former.

Unilateral action by the Bank of Japan might stop the yen's rise, but it's not clear how much more it could do, she said.

"It is in all of the G-7's interest to stabilize the Japanese markets," she told CNBC's David Faber. Take a look at the interview, starting at 2:34.